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Getting Financial Aid

Very few students can pay the costs of attending college without some kind of help. Luckily, several sources of financial aid—sources of money that support your education—are available, such as the following:

Student loans are a form of financial aid that must be paid back with interest.
Grants are funds provided by the government or private organizations to help students pay for college. Grants do not need to be repaid, but most of them are given to students based on their financial needs. Some grants are specific to certain areas of study.
Scholarships are funds that support your education. Like grants, they do not have to be repaid; they are usually based on students’ academic performance but may also be based on need.
Work-study means that students enrolled in college and are receiving financial aid can also have part-time jobs to help cover their education expenses not covered by their aid amount.

Show Me the Money

Don’t let the paperwork scare you away. If you’re not already receiving financial aid, be sure to consider all the available options. And remember that your college may also offer scholarships or grants, which you don’t have to repay. Talk to someone in your college’s financial aid office to find out if you qualify for any type of aid.

Source: RizaLin/PSU Vanguard

Many students manage to enroll and succeed in college with little or no financial support from their families or employers because of the financial aid they receive. Most financial assistance requires some form of application. To receive federal aid, students must complete the U.S. Department of Education’s Free Application for Federal Student Aid (FAFSA) every year. The financial aid staff at your college can help you find the way to get the largest amount of grant and scholarship money, the lowest interest rate on loans, and work-study possibilities that fit your academic program.

While scholarships and grants are the best forms of aid because they do not have to be repaid, the federal government, states, and colleges offer many other forms of assistance, such as loans and work-study opportunities. You might also be able to obtain funds from your employer, a local or national organization, or a private foundation. In your search for support, however, beware of scams; your college’s financial aid office is the best place to explore sources of college funding.